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US President Joe Biden is ready to issue a cryptocurrency presidential directive this week, officials aware of the issue said.
EO directs government agencies to conduct in-depth investigations into various areas of the crypto asset situation to develop a comprehensive regulatory framework.
The presidential directive reportedly imposes a mission on the Treasury, the State Department, and the Attorney General’s Office to investigate the possibility of launching digital currencies issued by the US Federal Reserve.
The announcement of Biden’s crypto policy was delayed due to disagreements between Treasury Secretary Janet Yellen and White House officials on the scope of the proposed EO, sources said.
Cryptocurrency Presidential Order: EO was to be signed last month for financial stability, but was postponed due to a dispute between Yellen staff and National Economic Council officials, the vine Said, but Treasury officials dismissed the allegations as “false.”
The Biden administration has made a coordinated attempt to broadly regulate the sector.
A veteran computer fraud prosecutor has been hired to spearhead the Justice Department’s national cryptocurrency enforcement team. Of course, while the Federal Bureau of Investigation has formed a special unit for blockchain analysis and cryptoasset confiscation.
The US Financial Stability Oversight Council, established during the 2008 financial crisis to examine systemic risks. Also, it will be tasked with studying economic stability concerns related to virtual assets.
Biden EO To Address Many Issues
Additionally, the EO will look at steps to protect businesses, consumers, and investors. It will also address concerns such as privacy, distributed ledger technology, and stablecoins.
Biden`s crypto executive order is the 81st he has approved since assuming the presidency in January 2021. In four years, the previous administration issued 220 presidential directives, and President Barack Obama issued 276 during his eight-year term.
In recent years, 4,444 federal agencies have taken a fragmented approach to digital assets. Thereby, putting Biden staff under pressure to take the lead.
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